This invention relates generally to the field of financial transactions, and in particular to financial transactions where one or more electronic records of the transaction are produced. More specifically, the invention relates to the monitoring of such financial transactions.
Every day millions of financial transactions occur throughout the world. In most cases, electronic records of the transactions are created. For example, one common type of financial transaction involves the use of a presentation instrument, such as a credit card, a debit card, and the like. When such a presentation instrument is used to make a purchase, information stored on the card is often read by a point of sale device which creates an electronic record of the purchase. In the case of credit cards, the information read by the point of sale device along with the amount of the purchase may be routed through various other entities in order to complete the purchase. For example, the transaction information may be electronically sent to the merchant's bank or financial institution, to a card hold association, such as VISA or MasterCard, and to the issuer's bank or financial institution. Each of these entities may also store information regarding the transaction.
Recent events have proven that presentation instruments may be used by individuals for potentially harmful or illegal activities. However, the task of identifying suspect purchases in sufficient time to monitor individuals making such purchases has proven to be difficult, even when various electronic records of such transactions exist.
In addition to the monitoring of financial transaction for suspicious activities, there is also a need to monitor financial transactions for other reasons. For example, a primary card holder having an account with secondary or other cardholders may wish to monitor purchases charged to the account in near real time. Marketing groups may also wish to know spending habits of consumer in a more expedited manner.
Hence, this invention is related to the monitoring of financial transactions and of producing reports on financial activities in a more expedited manner.